February 9, 2023 – Core systems and surrounding technologies have evolved in the 2020s to accelerate digital banking capabilities. The foundational elements supporting this transformation include the componentization of monolithic core packages, APIs, open framework designs supporting logical bank platforms, rapid development and deployment methodologies with supporting tools, the open-source movement, open banking, and the people who must be properly trained to use these new technologies. This transformation impacts how banks will proceed with “developing” software.

This report defines key concepts, dives into how to frame the decisions, and highlights some options available in the market. Aite-Novarica Group reviewed its research from 2021 to 2023 and external articles on the topic to develop the findings and checklist for making decisions around software development.

Clients of Aite-Novarica Group’s Community Banking service can download this report and the corresponding charts.

This report mentions Accelario, ACH Alert, Alliance Technology Group, Amazon, Baker Hill, Bakkt, Candidly, Canonical, essDOCS, FIS, Fiserv, Google, Goalsetter, Gresham, IBM, Microsoft, Moroku, Salesforce, StreetShares, Temenos, TransUnion, and Workday.